Bitcoin Sets One High After Another as Analysts Predict Dollar Doom

VYwfICBQ 980x580

Bitcoin is rallying relentlessly, insomuch that it is touching a new yearly high every other day. The past few weeks have witnessed the cryptocurrency in its most organically-driven bullish avatars. It broke resistance levels that first seemed too difficult to achieve ($10,500). It then built a concrete upside outlook upon the newly-found price floors, using macro narratives such as inflation to attract more quality capital. The result is a new price breakout. This week, Bitcoin [almost] reached $16,500, a level it last tested in December 2017 during its bearish correction from its all-time high near $20,000 the previous month. None of the other anti-inflation assets were able to match Bitcoin’s ascending momentum. Bitcoin RSI Bitcoin’s upside moves have finally made it an overbought asset. In simple words, its price is running way ahead of its average demand, as confirmed by the Relative Strength Index, a barometer to gauge “the magnitude…

Read the original article here